Creating a Retirement Income Plan is Much Like Building a House

Fee-only Retirement Income Planner, Calgary

Where would you start if you wanted to build your dream home?

Imagine heading over to Home Depot to pick out carpet and paint for your new home or to price out windows. The sales rep would need to see some plans before they could advise you on what to buy or how much. There are more than a dozen different trades involved in building a home, from the foundation to the roof to the landscaping. It requires a coordinated effort by many people to produce a dream home. Your retirement is the same and can't be left to a hodgepodge of advice from friends and family. You need a plan.

If you are building your dream home you would first meet with a designer or architect to have drawings created. The designer would sketch and draft a set of plans that all of the trades would have access to in order to produce what you envision. The next step would be finding a builder to build your home. They, in turn, would dig a hole for the foundation, lay the footings, pour the walls with concrete, frame the house, add the roof truss, shingle, install windows, etc. The electricians and plumbers need to do their rough-in and have it inspected. There would be an insulation crew and drywallers. Cabinet makers for the kitchen and a carpenter for the millwork, flooring, Painters, and others. As you can see there is a lot involved and maybe you would do some work yourself to cut costs.

When it comes to your retirement you are planning out the next 30-40 years of life and trying to ensure you'll have enough money to last that long with little concern of running out. Doesn't that deserve the same level of planning? The absolute first order of business before you transition into retirement should be getting a retirement income plan complete with income projections for you. Many couples have 10-20 different sources of retirement income and need to know the best time and order to take that income. Saving $100,000 in taxes during your lifetime could mean the difference of outliving your money. 

There are at least 6 different areas of your financial future that you need to plan for. Cash flow, Investments, Assets, Taxation, Risk mitigation, and Estate considerations. A proper plan will address these 6 key areas, much like your blueprints for your dream home. Once you have your plan it's easy to determine what areas you need more help with and which areas you can handle yourself. But, regardless of whether you are the master builder or you use the services of other professionals, you need a plan first. 

The sad reality of the Canadian retirement landscape is that most professionals are just trying to sell you something. You may be a do-it-yourselfer or you have an investment advisor, but keep in mind, a retirement income plan is the only way that you can determine the most tax-efficient way to take income, to know how much you can reasonably spend each year without having to worry about running out. We want you to retire with confidence that's why we start with a planning first philosophy and then add the other components as needed. 

Our plans start at $600. Click here for pricing and our process.

 

Calgary's Fee-Only Retirement Income Planner

Willis J Langford, BA, MA, CFP

Certified Financial Planner® 


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My wife and I realized a long time ago the value of a financial planner over just a bank representative. We just felt like a number to the banks as every year it seemed we saw a different adviser with a different view. But finding a trusted, knowledgeable and personable financial planner took a lot of time and effort. It just seemed, so many large corporate Financial Planners were more concerned about what they could make off of us rather than what they could make for us.
What we wanted, was not just reasonable returns now, but good personal advice in our preparation for retirement and what happens when retirement actually arrives. We wanted someone who would be walking with us, guiding us on our way to retirement.
From the first time, we found the web site for Langford Financial Inc, we could see the knowledge of Willis and Nancy and a real effort to educate and pass on their knowledge through seminars, workshops and their personal service. Once I reached out through their web site for more information, Willis was quick to respond, offering and giving whatever information I was looking for and never was there pressure to commit to anything.
The feeling of comfort and ease when talking with Willis was inviting enough for us to want to meet with Willis and Nancy, just to see firsthand if there was a connection and what working with them would look like.
And when we did meet for the first time, that feeling of comfort and ease was very evident. It was a unique experience for us to be able to sit down and get to know a financial planner (or a team of both Willis and Nancy) and not have any sales pressure on us. Just getting to know Willis and Nancy was important for us. We needed to be comfortable with them and see their competence in the business, and it was obvious that Willis and Nancy wanted to know us better so they could know how best to help us.
Once we decided to move our accounts over to Langford Financial, we found their process was comforting and refreshing as Willis and Nancy first worked at evaluating our complete situation. They dug down to get a complete picture of where we were at, where we wanted to be and how to get there. This took some reflection on our part but once we saw how they put it all together in our “Financial House In Order” binder, we were confident we made the right decision to go with Langford Financial.
Since the time we started working with Willis and Nancy I have attended many of their seminars and can say the information they have been teaching has been amazing. Always relevant, and consistent with their desire to help those coming up to retirement, and covering so many different situations as everyone has a different life situation. I know more than one of the tax-saving strategies they taught at their seminars will work for my wife and I, so we are very happy about that.
We would definitely recommend Langford Financial, not just for all your retirement planning needs, but they have great ideas on savings for your grandchildren too!
Paul and Elaine Radder

Paul & Elaine Radder
Long-term Clients

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